Federal Realty Investment Trust (FRT) vs Terreno Realty Corporation (TRNO)
A side-by-side comparison of Federal Realty Investment Trust and Terreno Realty Corporation across valuation, profitability, dividends, and growth — built entirely from reported fundamentals, as of September 13, 2026. Differences are shown without an overall score or investment verdict.
Total return — FRT vs TRNO
growth of $100 · dividends reinvested · last 10yFRT vs TRNO: by the numbers
- •FRT is the larger company ($9.86B vs $6.92B market cap).
- •TRNO converts more revenue to profit (77.27% vs 32.66% net margin).
- •TRNO grew revenue faster over the past five years (20.25% vs 8.77% CAGR).
- •FRT pays the higher dividend yield (3.95% vs 3.19%).
Metrics side by side
Valuation
| Metric | FRT | TRNO |
|---|---|---|
| P/E ratio | 22.73 | 17.50 |
| Forward P/E | 26.77 | 30.86 |
| P/S ratio | 7.38 | 13.76 |
| P/B ratio | 2.93 | 1.56 |
| EV / EBITDA | N/A | 23.76 |
| FCF yield | 3.17% | 2.68% |
For REITs like Federal Realty Investment Trust, GAAP P/E is distorted: heavy non-cash property depreciation depresses reported earnings and overstates the multiple. Real-estate companies are valued on funds from operations (FFO / AFFO) and price-to-FFO — see the Funds From Operations section. The P/E is shown for reference only.
For REITs like Terreno Realty Corporation, GAAP P/E is distorted: heavy non-cash property depreciation depresses reported earnings and overstates the multiple. Real-estate companies are valued on funds from operations (FFO / AFFO) and price-to-FFO — see the Funds From Operations section. The P/E is shown for reference only.
Profitability
| Metric | FRT | TRNO |
|---|---|---|
| Gross margin | 9.73% | 75.84% |
| Operating margin | 34.49% | 41.42% |
| Net margin | 32.66% | 77.27% |
| ROE | 12.96% | 8.77% |
| ROIC | 5.08% | 3.65% |
Dividends
| Metric | FRT | TRNO |
|---|---|---|
| Dividend yield | 3.95% | 3.19% |
| Payout ratio | 90.04% | 55.91% |
Federal Realty Investment Trust's payout ratio is measured against GAAP earnings, which non-cash depreciation depresses for REITs — the dividend is conventionally assessed against funds from operations (FFO / AFFO) instead, so the GAAP figure overstates the payout burden.
Terreno Realty Corporation's payout ratio is measured against GAAP earnings, which non-cash depreciation depresses for REITs — the dividend is conventionally assessed against funds from operations (FFO / AFFO) instead, so the GAAP figure overstates the payout burden.
Growth (annualized)
| Metric | FRT | TRNO |
|---|---|---|
| Revenue CAGR (5Y) | 8.77% | 20.25% |
| EPS CAGR (5Y) | 24.22% | 35.52% |
| FCF CAGR (5Y) | 69.34% | 18.95% |
| Total return CAGR (5Y) | 3.70% | 2.24% |
Frequently asked
- Which has grown faster, FRT or TRNO?
- Over the past five years, TRNO grew revenue faster — FRT at a 8.77% CAGR versus TRNO at 20.25%.
- Does FRT or TRNO pay a bigger dividend?
- FRT yields 3.95% and TRNO yields 3.19% based on trailing dividends and the latest price.
- Is FRT or TRNO more profitable?
- TRNO runs the higher net margin — FRT at 32.66% versus TRNO at 77.27%.
- How have FRT and TRNO total returns compared?
- Over the past 10 years, FRT delivered 0.86% and TRNO delivered 12.30% annualized total return. Past performance doesn't predict future results.
Go deeper
Dig into the metrics
Federal Realty Investment & Terreno Realty appear in these rankings
Figures are sourced from reported fundamentals and the latest end-of-day price. This comparison is informational only and is not investment advice. Past performance does not predict future results. See our methodology. Compiled by TGMCharts Research · data verified September 13, 2026.